Buying A Property, Plot Or Land? 5 Things To Know!
Buying a property is tough. We have to rack our brain to decide what to buy – an apartment or purchase a plot & built-up a house. Besides lifestyle preferences, one has to look at aspects such as taxation and bank loans as well.
Land or plot has an intrinsic ability to inspire us, gives us serenity and helps us to dream. The owning plot can also be an excellent value. Below are five essential tips reflect our wisdom gained from years of plotted development, observation of changing markets and real estate opportunities.
5 Tips for Buying a Plot / Land
1. The land is more fun, precious, stable to own than stocks. It’s real estate. When you own the land, you have the foundation to dream, plan and build your new home when the time is right. It provides a break from city crowd and can expect five city houses in one-acre home sites.
2. It is a smart move to purchase a plot one to five years before your plan to build a house. Pre-buying the land allows you to benefit from value appreciation. Rather paying higher value later.
3. Look for a development property with “no time-frame to build”. It is the best option if you want to pre-buy land with developer amenities and infrastructure.
4. Buying property from a developer can save you money. It’s important to anticipate all future development cost and eliminate surprises. Is water supplied by the city, private water company or your well? Will electric power be available at your property boundary? What about sewage disposal and road maintenance? Will it have internet accessibility? When you buy from a land developer, the cost of infrastructure and modern amenities is part of the package and because it is a shared community value, it is less than developing the land yourself.
5. It is always advisable to purchase land in the path of growth markets. Owning land near prime or upcoming growth areas means your property has a greater chance of increasing in value at a faster rate. Check the area for zoning, building codes, and other regulations to ensure the area will maintain its value for years to come.